Grand Terrace entrepreneur Charles "Mask" Lewis Jr. died in the wreck of a $300,000 Ferrari that hit a light pole in Orange County, company spokesman Erit Yellen confirmed this morning.

"It is with heavy hearts and great sadness that we must regretfully confirm the passing of our beloved friend, brother and co-founder Charles "Mask" Lewis following a car accident that occurred last night," says a company statement on TapouT.com.

"We are currently in the process of setting up a memorial service in his honor and will release more details as they become available."

TapouT is a mixed martial arts clothing and accessory brand that grew into an empire with multi-million sales.

The $300,000 Ferrari collided with a Porsche, crashed and broke in half on an Orange County roadway today, killing Lewis and injuring a woman, police said. The driver of the Porsche was later arrested.

The two cars were speeding north on Jamboree Road the crash occurred shortly before 1 a.m., Lt. Craig Fox said.